Regulatory AlertsFCA Consultation on Recovery of Costs for Supervising Cryptoasset Businesses under AML Regulations
The Financial Conduct Authority proposes a new regulatory regime to supervise cryptoasset businesses for anti-money laundering compliance starting January 10, 2020. The consultation outlines fee structures including a one-off registration fee of £5,000 and annual periodic fees based on business income to recover supervisory costs. These measures apply to entities providing cryptoasset exchange, ATM, custodian wallet, and peer-to-peer services under the amended Money Laundering Regulations.
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